Delta Airlines reported a net loss of $5.4 billion in the third quarter, bringing the airline’s total losses during the pandemic to $11 billion.
During the third quarter last year, Delta reported a profit of $1.5 billion, CNBC reported. Most recently, however, the third quarter brought major losses for the airline, which reported a 76% drop in revenue. Revenue dropped from $12.56 billion a year down to $3.06 billion during the third quarter. (RELATED: Airline Group Signs Letter Calling For Europe-US COVID Test-Sharing To Save Industry)
Delta’s daily cash burn has been dropping, going from about $43 million a day in the second quarter to an average of $24 million a day in the third quarter, CNBC reported. In September, the airline reported daily cash burns as low as $18 million a day. Delta Airlines CEO Edward Bastian said that during the fourth quarter, the company expects to get their daily cash burn down to between $10 million and $12 million a day, and could break even or make a profit starting in spring 2021.
<img aria-describedby="caption-attachment-7026396" class="size-full wp-image-7026396" src="https://dailytruthreport.com/wp-content/uploads/2020/10/GettyImages-1266147848-scaled-1.jpg" alt="Rashad Grant joins with unemployed airport workers, the Black Lives Matter Alliance of Broward and other